Vertex' 3rd-qtr loss worsens 106%

US biotechnology firm Vertex Pharmaceuticals reported a third quarter 2007 loss of $107.0 million, or $0.82 per share, roughly double the $51.8 million deficit it posted in the comparable quarter last year. Analysts polled by Thomson Financial had forecast a loss of $0.73 per share.

The Massachusetts-headquartered firm said that costs associated with the ongoing development of its hepatitis C treatment candidate, telaprevir, had increased quarterly R&D expenditure 34% to $128.9 million. In addition, revenue for the reported period fell some 23% to $41.0 million, as the contribution from research-based partnerships declined. Despite this, the firm's share price rose 1.9% to $32.94 on the day the results were announced, October 30.